Russian stocks plunge as Western bourses, oil price fall - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Russian stocks plunge as Western bourses, oil price fall

MOSCOW, Mar 6 (PRIME) The Russian stocks took a pummeling on Friday as the oil prices slumped to their three-year lows and the Western bourses contracted due to further expansion of the coronavirus, analysts said.

The MOEX Russia Index fell 3.45% to 2,719.51 and the RTS decreased 4.97% to 1,257.96.

The Russian market today found itself between a rock and a hard place, or between worsening of conditions on the external bourses and contraction of oil prices, Yaroslav Kabakov, director for strategy at investment company Finam, said.

The Brent oil price plummeted by 6.362% to U.S. $47.00 per barrel at of 5.53 p.m. Moscow time, the lowest since July 2017.

Kabakov explained the fall by the unwillingness of the OPEC+ deal members to reduce their output by a recommended amount of 1.5 million barrels a day, if Russia does not join.

Yelena Kozhukhova, analyst at Veles Capital, said that the Russian stock slumped due to the pessimistic mood of the international bourses.

The mood at the stock bourses of Europe was negativeThe coronavirus continues its expansion in the region. The number of infection cases is growing in France and Germany, Kozhukhova said.

Self-destruction of the markets continues. Uncertainty about the consequences of the coronavirus means that global capital flees from risks. But the situation starts looking more and more like a crisis of a financial character. The national market reacts to the weakness of oil prices and to probable contraction in demand for other Russian exports, Otkritie Brokers senior analyst Andrei Kochetkov said.

Shares of precious metals producers Polyus and Polymetal International gained 2.98% to 8,885 rubles and 2.91% to 1,149.60 rubles as the gold prices are growing, Kochetkov said.

Kabakov said that the depositary receipts of TCS Group lost 24.66% to 1,116.60 rubles in the wake of arrest of the companys core owner Oleg Tinkov on accusations of filing false tax reports in the U.S. and the businessmans announcement that he has leukemia.

Below are the MOEX Russia Index five most active stocks on Friday:

Company Change, % Last price, rbl Trading volume, bln rbl
Gazprom -4.91 188.27 24.903
Sberbank -5.31 219.99 23.122
Norilsk Nickel +4.73 21762.00 16.862
Lukoil -4.61 5592.00 12.752
Rosneft -4.30 392.95 5.071

(66.1854 rubles U.S. $1)

End

06.03.2020 19:10
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 80.2689 -0.1445 11 jul
USD 71.2298 +0.3498 11 jul
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1245.65 +0.91 18:50 10 jul
micex 2800.94 +0.67 18:50 10 jul
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 200.70 +0.63 23:14 11 jul
lkoh 5094.00 +0.14 23:14 11 jul
rosn 364.20 -0.01 23:13 11 jul
sber 212.40 +1.57 23:14 11 jul
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 80.1125 -0.1575 14:59 10 jul
USDTD 70.6675 -0.2200 17:44 10 jul